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Beginning this year, income earners can submit their year-end tax declaration by the end of January or early February next year, In the past, it was due by the end of December or early January.
The declaration allows earners can get deductions for medical expenses, credit card payments, cash receipts, or check card bill payments they spent until December this year.
According to guidelines released by the National Tax Service on Monday, the scale of deduction for credit card expenses has also been readjusted. Until 2007, a deduction for the credit card expenses or cash receipts had subsidized a maximum of 15 percent of the amount exceeding 15 percent of annual income. This year, the deduction will subsidize 20 percent of the amount exceeding 20 percent of annual income.
Claimants can benefit from tax deductions for 20 percent, or up to W3 million per quarter (US$1=W1,444) on savings products bought after Oct. 19, provided they run for more than three years and invest more than 60 percent of assets in domestic stocks.
(englishnews@chosun.com )
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